Former steel secretary of the Indian Ministry of Steel Nagendra Nath Sinha has highlighted the adverse impact of unfair imports and dumping on the country’s steel industry, which has been exacerbated by the ongoing sluggish demand in China. Sinha said that imports are a major concern, especially for flat steel products.
The statements come after the Indian government decided to initiate an investigation into HRC products from Vietnam. The investigation, initiated following a complaint from the Indian Steel Association (ISA), will focus on hot-rolled flat products with a thickness of up to 25 mm and a width of up to 2,100 mm.
The conference participants also suggested that imports of Chinese steel may decline from September. This is due to the Indian government’s decision not to renew the Bureau of Indian Standards (BIS) licenses, which are crucial for verifying compliance with Indian safety and quality standards. According to market participants, the end of these licenses for most Southeast Asian steel mills exporting flat steel to India could lead to a reduction in imports without the need for direct trade barriers. India maintained its position as a net steel importer in the April-July period. According to the Joint Plant Committee (JPC), finished steel imports increased by 31.6% y-o-y to 2.7 million tons, while exports fell by 41% to 1.6 million tons. In the full-year FY2024, finished steel imports are expected to increase by 38.2% to 8.32 million tons, while exports are expected to increase by 11.5% to 7.487 million tons.
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